AMA: I don't know who needs to hear this, but you made the right decision to go on your own!

[rdk2012]

Today I officially hit a personal goal... $1MM in revenue . Peanuts compared to our largest competitor, but man is it a long way from where we started. Still a one man "side hustle," still dreaming of one day "quitting my day job," that I still work 8-5 every day hah! Today marks a 200% y/y increase in revenue (and we are still 6 months from finishing the year)

So I will be completely honest, I would read these type of posts a year ago and think people were just making up numbers. I'm not here to sell anything, promote a book, link you to my youtube tutorial, or anything like that, I just wanted to get a chance to put my "we did it" out here for others to see and hopefully inspire to either keep at it or pick it up.

Last year for 6-8 months I taught myself everything from SEO to custom PHP for hitting those SERPs. My wife asked me a very simple question last year, which was "where is all your money?" I had a good understanding, but had no way to show her it was tied up in inventory/PO's/etc so I also taught myself the double book accounting method and now enjoy Income/Profit reports on the daily.

My point is, I have now touched a lot of the pieces of the business I would of only dreamed about knowing or doing a year ago. I would love to answer any questions you might have or hear any stories or other anecdotes. Thanks for your time!

 

[gerald27pa]

@rdk2012 What did you change in the last year that you think contributed the most to your growth?

How did you scale your business to match the increased revenue stream?

 

[rdk2012]

@gerald27pa Variety of in demand products has been the leading contributor to growth so far. Scaling for me is a function of cash on hand and ability to front larger orders

 

[chafafa]

@rdk2012 At a 30% margin your problem is cash? Stop fucking around in crypto and get financing.

Also, not that it matters, but this all sound bullshit.

 

[rdk2012]

@chafafa I have taken a bit of profit lately to invest in the down economy. I guess my comment is a little misleading in that regard. I am 100% debt free

 

[startopia]

@rdk2012 Can you touch on the double book accounting method

 

[thedupuis]

@startopia Comment removed in protest of Reddit's API changes forcing third-party apps to shut down

 

[rdk2012]

@startopia Really better explained by a real accountant or Google. Basically, it’s the core fundamentals behind “book keeping” and how to balance transactions between accounts to keep track of money in/out of a business. This can lead to things you may of heard of like balance sheets and the like.

 

[613jono]

@startopia Its very simple there are 2 accounts namely personal and business
If the cash flows to you from outside (from clients, dividends etc) it will be credit.
If the cash flow is away from account (like subscription, payment, salary etc) it is debit.

Now do this for 2 different accounts thats it...